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and the guidance requires the development of a model for complex computations. Development of the model of expected
credit losses in accordance with these financial reporting standards requires management to exercise a high degree of
judgement and make multiple estimates. Because of the materiality and the extent of judgement and estimates as
mentioned above, I addressed the adequacy of the allowance for expected credit losses for loans purchased of receivables
as a key audit matter.

I gained an understanding of the assumptions applied in the development of the model, taking into account
and evaluating the decision-making process around the model, and reviewed the supporting documentation for model
development. I assessed and tested, on a sampling basis, the accuracy of the data used in the development of the
model and assumptions, the reasonableness of the model and the recording of the allowance for credit losses, as
well as the recording of collateral value, and tested relevant internal controls over the collective process and information
technology systems. Moreover, I reviewed the reports on the reasonableness of the model development prepared
by a specialist hired by the Company’s management, as well as the accounting policies relevant to the calculation,
and the recording of allowance for expected credit losses was approved by management at an appropriate level, and
also evaluate the effectiveness of disclosure in compliance with the related financial reporting sta ndards.

In addition, I tested the adequacy of the allowance for expected credit losses as at the period-end date by
testing, on a sampling basis, the accuracy of the data used in the calculation of allowance for expected credit losses, 227
the classification of receivables, the valuation of collateral, and the estimates of cash flows and expected lives,
including tests of the completeness of the data used in the calculation and computation of the allowance for expected
credit losses.

Other Matters
The financial statements of Bangkok Commercial Asset Management Public Company Limited as at 31 December Bangkok Commercial Asset Management Public Co., Ltd.
2019, presented herein as comparative information (before restatement), were audited by another auditor who
expressed an unqualified opinion on those statements with an emphasis of matter paragraph regarding unrecognised
deferred tax assets in the financial statements, under her report dated 27 February 2020.

Other Information
Management is responsible for the other information. The other information comprise the information included
in annual report of the Company, but does not include the financial statements and my auditor’s report thereon. The
annual report of the Company is expected to be made available to me after the date of this auditor’s report.

My opinion on the financial statements does not cover the other information and I do not express any form
of assurance conclusion thereon.

In connection with my audit of the financial statements, my responsibility is to read the other information and,
in doing so, consider whether the other information is materially inconsistent with the financial statements or my knowledge
obtained in the audit or otherwise appears to be materially misstated.